Breaking Stock Market and Financial News

PayPal shares fall slightly after Q3 earnings, revenue meet expectations

MarketWatch Market Pulse - Thu, 10/20/2016 - 16:17

PayPal Holdings Inc. shares fell 0.2% late Thursday after the payments company reported third-quarter earnings and revenue in line with Wall Street expectations. PayPal said it earned $323 million, or 27 cents a share, in the quarter, compared with $301 million, or 25 cents a share, in the year-ago period. Adjusted for one-time items, the San Jose, Calif., company earned $425 million, or 35 cents a share. Revenue rose 18% to $2.67 billion, from $2.26 billion a year ago, the company said. Analysts polled by FactSet had expected PayPal to report adjusted earnings of 35 cents a share on sales of $2.65 billion. The company said it expects to report adjusted earnings between 40 cents a share and 42 cents a share in the fourth quarter, and adjusted earnings of $1.48 a share and $1.50 a share for full-year 2016, with the top ranges in both time periods in line with analyst expectations. Shares of PayPal ended the regular trading session down 0.4%.

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Skechers shares tumble more than 12% after-hours as earnings and outlook lag estimates

MarketWatch Market Pulse - Thu, 10/20/2016 - 16:13

Skechers USA Inc. shares tumbled more than 12% in after-hours trade Thursday, after the athletic shoe company missed third-quarter profit and sales estimates and offered a below-consensus outlook for the fourth quarter. Skechers said it had net income of $65.1 million, or 42 cents a share, in the quarter, down from $66.6 million, or 43 cents a share, in the year-earlier period. Sales rose to $942.4 million from $856.2 million. The FactSet consensus was for EPS of 48 cents and sales of $954 million. The company said it now expects sales of $710 million to $735 million for the fourth quarter, also below the current FactSet consensus of $800 million. Shares have fallen 24% in the year so far, while the S&P 500 has gained about 5%.

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Time Warner's stock spikes higher after report of AT&T merger interest

MarketWatch Market Pulse - Thu, 10/20/2016 - 16:04

Shares of Time Warner Inc. spiked higher in afternoon trade Thursday to close up 4.7%, after Bloomberg reported that media company met with AT&T Inc. in recent weeks to discuss business strategies, including a possible merger. The Bloomberg report cited "people familiar with the matter." Just prior to the report, Time Warner shares were up just about 0.4% at 3:30 p.m. ET. AT&T's stock, which was down 1.3% at 3:30 p.m., closed down 1.9%. Time Warner's stock has run up 28% year to date, while AT&T shares have climbed 12% and the S&P 500 has gained 4.7%.

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U.S. stocks close slightly lower, pressured by Verizon earnings

MarketWatch Market Pulse - Thu, 10/20/2016 - 16:02

U.S. stocks closed with modest losses on Thursday, with telecom stocks the biggest decliners of the day following results from Verizon Communications [S: VZ]. Verizon reported revenue that was below expectations, sending the Dow component's stock down 2.6% and the S&P telecom sector down 2.1%. The Dow Jones Industrial Average [S: DJIA] shed 40.68 points, or 0.2%, to 18,162.22. The S&P 500 [S: SPX] fell 3.04 points, or 0.14%, to close at 2,141.26. The Nasdaq Composite Index [S: COMP] slid 4.58 points, or less than 0.1%, to close at 5,241.83.

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DIARY - Today in Washington - Oct 21

Reuters Us Markets - Thu, 10/20/2016 - 16:00
1500/1900: The USDA issues monthly Cattle on Feed, Cold Storage.

AT&T discussed takeover in meetings with Time Warner - Bloomberg

Reuters Us Markets - Thu, 10/20/2016 - 15:59
Oct 20 (Reuters) - Senior executives of AT&T Inc and Time Warner Inc have discussed various business strategies including a possible merger in recent weeks, Bloomberg reported, citing people familiar...

Tesla says it will roll out Uber-style ride services program

Reuters Us Markets - Thu, 10/20/2016 - 15:55
SAN FRANCISCO, Oct 20 (Reuters) - Tesla Motors Inc is planning to roll out a ride services program and will announce details next year, the luxury electric vehicle maker said on its website, a...

TREASURIES-Longer-dated U.S. yields slip after Draghi's remarks

Reuters Us Markets - Thu, 10/20/2016 - 15:54
* ECB's Draghi pushes back on speculation on bond tapering * Yields rise after Draghi says extraordinary measures not forever * Domestic data support view on possible December U.S. rate hike ...

BRIEF-AT&T discussed idea of takeover in Time Warner meetings - Bloomberg

Reuters Us Markets - Thu, 10/20/2016 - 15:52
* AT&T discussed idea of takeover in Time Warner meetings - Bloomberg, citing sources Source text - http://bloom.bg/2enGhLw Further company coverage:

Obama says his departure may fix what ails Obamacare

Top Reuters News - Thu, 10/20/2016 - 15:44
MIAMI (Reuters) - President Barack Obama said on Thursday that his departure from office in January might be what it takes to begin to heal the political scars over Obamacare and allow for needed fixes to his signature healthcare law.

NSA contractor to face espionage charges for alleged data theft

Top Reuters News - Thu, 10/20/2016 - 15:39
WASHINGTON (Reuters) - Government lawyers on Thursday said they would prosecute a former National Security Agency contractor accused of stealing classified information under an espionage law, a move carrying far more severe penalties than previously announced charges.

As Trump fears fade, other risks for Mexican peso come to fore

Reuters Us Markets - Thu, 10/20/2016 - 15:33
MEXICO CITY, Oct 20 (Reuters) - Mexico's peso has largely overcome the prospect of a victory by U.S. Republican presidential candidate Donald Trump, but concerns about weak growth, an oil price funk...

UPDATE 2-Obama says his departure may fix what ails Obamacare

Reuters Us Markets - Thu, 10/20/2016 - 15:32
MIAMI, Oct 20 (Reuters) - President Barack Obama said on Thursday that his departure from office in January might be what it takes to begin to heal the political scars over Obamacare and allow for...

BRIEF-Mack-Cali says has sold about $465 mln of assets year to date

Reuters Us Markets - Thu, 10/20/2016 - 15:27
* Mack-Cali Realty Corp - has sold approximately $465 million of assets year to date

UPDATE 2-BNY Mellon may be a player as asset management sector tightens

Reuters Us Markets - Thu, 10/20/2016 - 15:27
Oct 20 (Reuters) - BNY Mellon Corp, the world's largest assets custodian, could be in the hunt for an acquisition to build its investment management arm, which analysts said could benefit from an...

First NBC Bank's stock dives after disclosing 'troubled condition' designation

MarketWatch Market Pulse - Thu, 10/20/2016 - 14:55

Shares of First NBC Bank Holding Co. took a 15% dive in afternoon trade Thursday, after the New Orleans-based bank disclosed in a filing that regulators deemed it to be in a "troubled condition." The stock had plunged as much as 20% intraday before paring some losses. The bank said it was informed of the "troubled condition" designation on Oct. 11, in writing by the Federal Reserve Bank of Atlanta and the Louisiana Office of Financial Institutions. The designation means First NBC will have to seek approval before adding any new directors or senior executives or changing the responsibilities of any current senior executive, and that the bank can't make severance payments to affiliated parties without prior approval. The bank is also bound from increasing its debt, distributing interest on subordinated debt or paying dividends on its stock. The stock has now plummeted 75% year to date, while the SPDR S&P Regional Banking ETF has gained 2.9% and the S&P 500 has tacked on 4.7%.

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Oil futures settle lower in pullback from 15-month high

MarketWatch Market Pulse - Thu, 10/20/2016 - 14:42

Oil futures finished lower on Thursday, easing back after hitting a 15-month high a day earlier as the November West Texas Intermediate crude futures contracts expired at the session's end. November WTI crude fell $1.17, or 2.3%, to settle at $50.43 a barrel on the New York Mercantile Exchange. Prices had settled Wednesday at their highest level since mid-July 2015. December WTI crude , which is now the front-month contract, settled at $50.63, down $1.19, or 2.3%.

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FMC Technologies to pay $2.5 million to settle SEC charges

MarketWatch Market Pulse - Thu, 10/20/2016 - 14:31

FMC Technologies Inc. agreed Thursday to pay a $2.5 million penalty to settle charges by the Security and Exchange Commission that it overstated profits in one of its businesses so it could meet internal financial targets. The SEC said that Jeffrey Favret, controller of the technology solutions company's energy infrastructure unit, and a business unit controller Steven Croft, artificially reduced the value of a liability for employee time off, after being pressured to improve the financial performance of that business. That overstated profits by $800,000, which helped the business meet the internal target for the first quarter of 2013. "Companies must accurately report their financial performance without regard to internal targets," said Deputy Director Stephanie Avakian of the SEC's division of enforcement. "Favret and Croft manipulated results to create the impression that the business was performing better than reality." As part of the settlement, Favret and Croft consented without admitting or denying the findings. In addition to the penalty paid, Favret will pay $30,000 and Croft will pay $10,000. The stock, which surged 5% in afternoon trade, has rallied 14% year to date while the S&P 500 has gained 4.8%.

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U.S. service member killed in northern Iraq: military statement

Top Reuters News - Thu, 10/20/2016 - 14:30
WASHINGTON (Reuters) - A U.S. service member died on Thursday from wounds sustained in an improvised explosive device blast in northern Iraq, the U.S.-led military coalition said in a statement.

UPDATE 2-American Airlines' profit margin forecast disappoints

Reuters Us Markets - Thu, 10/20/2016 - 12:46
Oct 20 (Reuters) - American Airlines Group Inc, the world's biggest airline operator, said it expected a fall in its adjusted pretax margin in the current quarter, sending the company's shares down...

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